Report
Sven Edelfelt

Heidelberg Materials : From an environmental penalty to a bonus…

>Feedback from the roadshow with the CFO in Paris (page 1 & 2) - We organised a roadshow in Paris with the CFO, René Aldach and Ozan Kacar (Head of IR), despite our Underperform rating (this is worth highlighting). This was the first such in-person event for René and a successful one at that, as the preliminary feedback was broadly positive. Heidelberg Materials is banking on lower energy cost in 2023. The group has limited hedging at 40-45% and hopes to benefit from...
Underlying
HeidelbergCement AG

HeidelbergCement is engaged in the production and distribution of cement and aggregates, concrete and building products. Co.'s product range is complemented by downstream activities, such as ready-mixed concrete, concrete products, and concrete elements; in some countries, asphalt and building products, such as bricks and roof tiles, lime, or sand-lime bricks, are also manufactured. Furthermore, Co. provides services such as worldwide trading in cement and coal by sea. Co.'s products are used for the construction of houses, infrastructure, and commercial and industrial facilities.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Sven Edelfelt

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